The 7 Best Private Health Insurance Companies In Australia

Finding the best private health insurance companies in Australia can be stressful because there are many factors that a person needs to take into consideration.

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People will need to compare the types of policies the insurance company offers, their premiums, the market share the insurance company holds, and customer satisfaction ratingsIt could help people determine which insurer is right for them and their families.

This article will list the 7 best private health insurance companies in Australia and their features.

KEY TAKEAWAYS

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  • You will understand what health insurance is about 
  • List of the 7 best private health insurance companies in Australia
  • Each insurance company is listed with their features 
  • Answers to some frequently asked questions on private health insurance companies in Australia.
best private health insurance companies in Australia
Cedit:insurancebusinessmag.com

The 2 Main Benefits of Private Health Insurance In Australia 

Private health insurance is coverage offered by a private entity instead of a federal or state government. In Australia, private health insurance companies allow people to be treated in hospitals as private patients.

The insurance can help pay for health care costs that Medicare doesn’t cover, e.g., physiotherapy. Private health insurance is divided into two main areas: hospital cover and general treatment (extras) cover.

There are a lot of benefits of private health insurance, but we will be listing only two benefits of private health insurance. 

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1. More health coverage and choice

Depending on the policy, a private health insurance company pays all or some of the costs of:

  • treatment in private or public hospitals as a private patient with the doctor of their choice
  • health services not covered under Medicare, such as dental, optical, and physiotherapy.

Private health insurance might also help people access some hospital services more quickly.

2. Get a private health insurance rebate.

People are entitled to a private health insurance rebate from the Australian Government if:

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  • they have private health insurance that provides hospital cover, general treatment (‘extras’) cover, or provide both
  • their income is below a specific limit.

They get the rebate as follows:

  • lower insurance premiums through their health insurer, or
  • an offset in their annual tax return reduces the tax they have to pay.

The 7 Best Private Health Insurance Companies In Australia

1. nib Private health insurer

With five (5) Hospital policies and four (4) Extras policies, the nib insurance offers its members the choice between a wide range of options. The rewards program is available for people who live healthy lifestyles to encourage more effective behavior change efforts by providing discounts at leading retail stores and accessing exclusive programs.

Features 

  • Policies: 
    • Choose between five (5) different Hospital policies with premiums starting at $107.55 for each month.
    • Four (4) Extras options are available with monthly premiums starting at $43.97. 
  • Waiting periods: Range between a day and 12 months.
  • Unique features: Join the nib Rewards program to meet specific health goals.

2. HBF Private Health Insurance

HBF Health Insurance is a nice choice for people (Australians) who need health coverage that fits their unique requirements. Combining policies into one (1) plan and reinvesting all profits from premiums allows the insurance company to continue providing people with new and improved benefits.

Features

  • Policies: 
    • The insurer offers seven (7) different Hospital policies with premiums that start at $102.45 each month.
    • Choose between one (1) of 13 different Extras policies with monthly premiums starting at $22.95. 
  • Waiting periods: Between seven (7) days and 12 months.

3. Medibank Health Insurance 

The Australian Government established Medibank in the year 1976 as a non-profit company. In 2009, the company was changed over to for-profit and continued operating. Medibank Health Insurance offers members the choice between Extras policies and several hospitals.

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Features 

  • Policies: 
  • Nine Hospital plans with premiums starting at an estimated $101.80 for each month.
  • 21 Extras policies, people can expect to look at premiums that start at $30.30 
  • Waiting periods: Between zero days and 36 months, depending on the requirements.
  • Unique features: The insurance company allows members to use a more extensive network of health providers with the Medibank Members’ choice benefit.

3. Bupa Private Health Insurance

With over 4 million customers, Bupa Private Health Insurance is one of Australia’s leading private health insurers. People can choose from 6 different Hospital plans and 7 Extra cover options to ensure that their needs are met at reasonable rates/affordable prices.

Features

  • Policies: 
    • Six different Hospital cover options and premiums start at $101.35 each month.
    • 21(twenty-one) Extras policies with premiums starting at $26.70 monthly. 
  • Waiting periods: Varies between two months and three years. However, this period depends on the condition and type of coverage people have.
  • Unique features: offers access to the Members 1st network of health care providers, for which Bupa will typically pay between 60 percent (%) – 100 percent (%) of the cost of most dental, chiro, physio, and podiatry consultations.

4. HCF Health Insurance

HCF Health Fund Insurance is a private health insurer offering policies to over one million people yearly. With 4 different plans and 5 extras packages, the insurance offer covers a wide variety of requirements.

The insurance company strives to give Australians protection, access, and peace of mind regarding their healthcare needs.

Features 

  • Policies: 
  • Seven (7) Hospital policies with premiums starting at $102.30 monthly.
  • Five (5) Extras cover options with monthly premiums that start at $16.90. 
  • Waiting periods: Between 2 months – 12 months.
  • Unique features: With the HCF provider network, people can get up to 100 percent (%) back on selected Extras from more than 10,000 participating program providers.

5. Private Health Insurance from Australian Unity

Australian Unity has different policies to choose from, and it’s easy! The insurance company offers six (6) Hospital plans and six (6) Extras options for people who need them. Plus, there are 3 pre-packaged packages which people also have the option to choose from.

Features 

  • Policies: 
    • Six (6) Hospital plans with premiums starting at an estimated $107.70 for each month.
    • Six (6) Extras cover options with monthly premiums that start at $38.55. 
  • Waiting periods: Between 2 (two) and 12 months.
  • Unique features: As a member of the insurance company, people can receive a wide range of benefits and rewards. 

6. Teachers Health Fund

The Teachers health insurance company provides a range of plans to meet the requirements and needs of any family. People can choose between their Hospital and General cover policies. Or, tailor their cover by combining Hospital and Extras policies.

Features 

  • Policies: 
  • The insurance company offers 10 (ten) different Hospital policies with premiums that start at $119.70 each month.
  • Choose between one (1) of four (4) different Extras policies with monthly premiums starting at $51.49. 
  • Waiting periods: Between zero days and 12 months, depending on the circumstances.
  • Unique features: The Teachers Health member app to view cover details, check remaining annual benefits, and make claims.

7. GMHBA Health cover

GMHBA insurance is a non-profit healthcare provider that offers a variety of policies, including nine extras and six hospital plans. GMHBA is a growing insurer, with over 300,000 clients by 2020.

Features and Benefits 

  • Policies:
  • GMHB offers thirteen different Hospital policies with premiums beginning at $104.95 monthly.
  • Extras cover options with premiums that start at $27.70 monthly.
  • Waiting periods: this is Between 2 – 12 months.
  • Unique features: Members may qualify for a variety of discounts with the company’s Rewards program.

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Conclusion

Getting a health insurance policy is not as simple as signing up for an employer’s plan, but at least people have control over the plan they get.

Once they figure out what they need and become familiar with the terminology used in health insurance plans, their research will become easier ( we already listed the best private insurance company to pick from). With the number of options available, people can probably find a plan that meets their needs and budget.

FAQS

Is it worth having private health insurance in Australia?

Private health insurance helps individuals avoid long wait times for non-urgent procedures and gives them access to services that Medicare does not cover. But out-of-pocket costs may deter many people from using them to pay for their medical costs.

How much do Australians spend on private health insurance?

Of the estimated non-government health spending of $59.9 billion in 2019–2020, people spent $29.8 billion, which is 49.7 percent (%), and private health insurers spent $16.7 billion, which is 27.8 percent (%). Other non-government sources spent $13.5 billion, which is 22.5 percent (%). 

What are the disadvantages of private health insurance?

  • The Private Health Policies Don’t Cover Everything
  • Price of Private Health Insurance (costly)
  • Health is Unpredictable.
  • Less Choice Than With The NHS 

What happens if you don’t have private health insurance after 30?

The Federal Government of Australia has introduced the LHC (Lifetime Health Cover) loading that applies to people who have not taken out and maintained private patient hospital cover since they turned 31.

It is to encourage the people of Australia into private healthcare earlier. So, if a person takes out private health insurance later in life, for each year after the age of 30, they will pay a 2 percent (%) LHC loading on top of their premium.

For example, if they take out private patient hospital coverage at the age of 40, they could pay an extra 20 percent (%) on the cost of this coverage per year for the ten years since they turned 30.

The Australian Government does not provide the Government Private Healthcare Rebate on a policy’s lifetime health cover loading component.

You can learn more from the video below:

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